1. China recovers: It was another volatile session in China, with the Shanghai Composite erasing sharp early losses to close up 1.2%. Chinese stocks have been on a wild ride for weeks as investors grow anxious about a possible withdrawal of stock market support by Beijing, and the health of the Chinese economy.

3. Earnings and economics: Plenty of companies will open their books to investors on Wednesday. Target(TGT), Lowe's(LOW), Staples(SPLS), Hormel Foods(HRL) and American Eagle(AEO) -- along with a handful of others -- are due to report quarterly earnings ahead of the open.

Victoria's Secret owner L Brands(LB) is among the companies reporting after the close.

It's a light day for economic news, with July's consumer price index numbers released by the Bureau of Labor Statistics at 8:30 a.m. ET.